¶ Petitioner is a mutual savings bank having its principal office in New York City. Pursuant to subdivision (a) of section 1455 of the Tax Law, savings banks must pay a franchise tax of 12% of the bank's entire net income or portion thereof allocated to this State. Subdivision (b) of that section establishes alternative minimum taxes which are to be paid if they are larger than the basic tax set forth in subdivision (a). One of these alternatives is set forth in paragraph...
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